Canopius is a profitable international specialty and P&C (re)insurer.
We take an ambitious approach to efficiently growing a sustainable business in areas where we have, or can have, distinction or a competitive advantage.
We are driven by empowered, collaborative and accountable people, underpinned by operational excellence and data insights.
Our ambition is to serve our clients’ needs whilst supporting people, community, business and sustainability.
FOCUSING ON CONTINUED SUCCESS IN 2024
“Canopius has been able to deliver attractive underwriting profitability and business growth while undertaking major initiatives including adding substantial capabilities to our business.
“We have a clear vision against which we are executing our strategy – to deliver attractive and sustainable returns as a leading, dynamic international specialty and P&C (re)insurer, growing in areas where we have distinction or competitive advantage. I am pleased to report another year of strong delivery against this vision, and we are now establishing a track record of meeting our underwriting goals, quarter-on-quarter.
“Our 2023 results are a testament to the transformative work the business has undergone over the last two years. Our business leaders have been empowered, our operating models and systems enhanced and the accountability and transparency within our organisation has moved forward at pace.
“We have positioned the business to benefit from the broader industry tailwinds and in 2023 we continued to evolve our business, we materially strengthened our operational capabilities, our underwriting performance, and our structural growth prospects.
“Decisive actions have been taken to accelerate delivery in the last few years and execution against our plans remains of utmost focus. Combined with a still positive overall rating environment, we look forward with confidence to navigating what 2024 brings and further developing our value proposition to drive consistent performance and build on our success and momentum achieved in 2023.”
2023 Financial Highlights
Insurance contract written premium comprises the gross premiums on business incepting in the financial year, adjusted to exclude inwards reinstatement premiums and non-claim dependent ceding commissions on inwards reinsurance together totalling $57m (2022: $46m).
The combined ratio – discounted is calculated by dividing ‘insurance service expenses’ net of ‘amounts recoverable from reinsurers for incurred claims’ by ‘net insurance revenue’.
Amounts presented are determined from the financial statements
Tangible net assets (TNAV) represents total equity attributable to equity holders of the parent less intangible assets and deferred tax liabilities on intangibles.
Total available capital represent tangible net assets (TNAV) plus utilised unsecured letter of credit facilities
Net insurance revenue is ‘insurance revenue’ net of the ‘allocation of reinsurance premiums’
Net combined ratio – undiscounted excludes the impact of discounting net claims costs recorded within ‘insurance service expenses’ and ‘amounts recoverable from reinsurers’ of $85m (2022: $17m).
Unless otherwise stated, all figures are on IFRS 17 basis.
